3 Things every female starting a business in Africa should know – Afua Osei, She Leads Africa

By  |  0 Comments

Afua Osei, is the co-founder of She Leads Africa, a community that helps young African women achieve their professional and business dreams.

In an interview recently, she shares her thoughts on things a female starting a business anywhere in Africa need to know to run a successful venture. Mostly drawing from her experience in running SLA, and interacting with entrepreneurship experts, Afua highlights the following as ingredients of a successful business venture:

“When building your company it is critical to build a team that will challenge each other, think creatively, and dig in to get the work done. “

Making a case for this by citing examples of successful male entrepreneurs, Afua believes, Africa’s richest business mogul, Aliko Dangote, and entrepreneurship philanthropist, Tony Elumelu did not drive their companies’ success alone.

We see Dangote as the force behind the Dangote Group, Tony Elumelu as the force behind Heirs Holdings but, thousands of individuals drive the success of those companies.  When building your company it is critical to build a team that will challenge each other, think creatively, and dig in to get the work done.”

Afua-Osei, Aliko-Dangote, Yasmin-Belo-Osagie, and Hakeem-Belo-Osagie

Afua-Osei, Aliko-Dangote, Yasmin-Belo-Osagie, and Hakeem-Belo-Osagie

With many entrepreneurs already bemoaning the dearth of a committed and high-spirited millennial workforce, how then does a business navigate this conundrum? Afua who claims to experience the same with building SLA , believes thinking strategically when it comes to recruitment helps.

“As a growing business, we deal with the same challenges that everyone else does in terms of getting good talent… We overcome them by thinking strategically, planning for the long-term and learning from others who have gone before us.”

Forget the bandwagon opinion, funding opportunities abound in Africa. Only if…

While many entrepreneurs have blamed the stagnation, (or death) of business, on sparse funding opportunities, Afua Osei believes there is “a lot of venture capital floating Africa” for entrepreneurs. All they need to do is present their “startups as real businesses”.

“Contrary to popular belief there is a lot of venture capital floating around Africa and investors are looking for talented entrepreneurs they can trust. By presenting your startup as a real business and not “cool idea”, young entrepreneurs are able to differentiate themselves.  Learn how to speak the language of investors. When engaging with investors, all startups need to have a basic understanding of key financial concepts including ROI, cash-flow, income statements, balance sheets, etc.

Read also : 6 steps to follow to get funding for your startup

“Your plan will only take you so far – execution is critical.”

“Critical thinking and planning is essential but forcing action with a set timeline and launch date can motivate you to action. It’s very easy to over plan and over think when you don’t have the pressure of a launch date to give you clarity. In today’s market, your plan will only take you so far – execution is critical.”

 

 

happywheels

I'm interested in stories, news and opportunities for African entrepreneurs. Be it tech, fashion, SMEs; breaking entrepreneurship stories is the next best thing that can happen to me, after Jollof

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>